The Recession Is Here, People

Written By:

Piers Fawkes

Piers Fawkes is the founder and CEO of PSFK, leading retail & business intelligence platform, founder of Retail Innovation Week and co-founder of Wallkit. Piers is considered a trends and innovation expert and is called to provide talks around the topics of the reports that he and his team publish every month. He has provided hands-on advice to future-forward brands including Apple, Facebook, Google, Nike, Red Bull, Samsung and Target.

New York seems to be in a bubble. PSFK went to a salon last night and the number of times people said ‘if the recession happens’ astounded us. Around the world retail sales has slumped and the real estate market has crashed. The number of homes repossessed in the UK is at a record high since 1999 and the US had the worst retail month since they started monitoring in 1969.

We’re entering a world of less is more – not because we feel a need to reduce our consumption to save the world, it’s because we we just can’t continue consuming this way.

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